As SkyCalleR mentioned, NOPE! You will by no means lose your level 40 set. The set you can upgrade will receive two new tiers. The current highest level is Tier 2 (the beginning set has no number, and the next one is T0, this can be confusing to some fans)

With your current level 40 Tier 2 set, you will have the opportunity to upgrade to Tier 3.

The Tier 3 set upgrade materials include some rare resources found in the world, including a special Tier 2.5 Set. The Tier 2.5 set will be stronger than the Tier 2, so it's up to you which one to wear in the mean time. Once you get both, if you gather the right resources you can than upgrade the whole thing to the even higher Tier 3 set. Tier 2.5 is found as a loot drop from high difficulty bosses.

Also! there are new high level Orange gear, called "Legendary Gear" for capes and trinkets!

Professor Hogwash

The erudite scholar with your answers to the land of Montel. And he's a CM.

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